The circle of friends of Tencent's instant social networking app Wechat, promotes its first advertisement of a New Year Greeting picture from the Coca-Cola Company on January 25, 2015. [File Photo: Imagine China]

In the run up to the Chinese Lunar New Year, the Communist Party of China's Organization Department has created a Wechat account to distribute 300,000-yuan worth of lucky money.

It's under the name of "Gong Chan Dang Yuan" in Chinese, or "Communist Party Members."

The passwords are phrases used by Chinese President Xi Jinping in his New Year greetings.

Launched on Thursday morning, the online activity is expected to last three days.

The password for Thursday was "as long as we persevere, dreams will come true." The passwords for the next two days will be different.

The Party's Organization Department, which is in charge of personnel assignments in China, said this activity is aimed at wishing all netizens good luck in the new Year of Monkey.

The announcement has been viewed more than 100,000 times and liked by about 10,500 users.

Governments of seven Chinese cities, including Guangzhou, Nanjing, Wuhan and Xi'an, have announced similar schemes to distribute lucky money on their Wechat accounts starting from Monday.

On New Year's Eve 2015, Wechat witnessed over 1 billion transactions related to lucky money.